Binance says at the very least $100 million stolen in blockchain attack

Criminals ended up ready to exploit a flaw in Binance Bridge and attempted to get away with at least $100 million in cryptocurrencies, the firm has admitted.

Binance Bridge is a cross-chain system that lets cryptocurrency buyers to exchange tokens from 1 chain (for example, Ethereum), to one more (for case in point, Binance Chain). The bridges are frequently riddled with flaws, and as such are a significant focus on for cybercriminals. Some of the most important crypto heists came as a result of an exploited bridge (assume Ronin bridge, Wormhole, Harmony, and other individuals). In truth, blockchain examination business Chainalysis a short while ago said that far more than $2 billion have been stolen in bridge hacks, this year by itself.

Producing tokens out of thin air